How to File BOI Report in Minnesota – Ultimate Guide (2024)


Steve Goldstein
Steve Goldstein
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How to file a BOI Report in Minnesota: Since the Corporate Transparency Act, the Beneficial Ownership Information (BOI) principle has become an important aspect of the regulatory framework for Limited Liability Companies, Corporations, and all types of business structures. This act aims to increase transparency and fight against illegal financial activities by requiring businesses to disclose information about beneficial owners. In Minnesota, companies must comply with these BOI reporting obligations, and this guide will give a comprehensive overview of the processes involved, entities affected, and compliance actions that must be put in place.

Minnesota, also known as The North Star State, has a population of 5,827,265. That makes the state small business friendly. According to the act, small and medium-sized businesses have to file BOI reports. In this article, LLCBuddy editors shared the latest update and mandate on filing BOI reports in Minnesota

What is Beneficial Ownership in Minnesota?

Beneficial ownership in Minnesota entails individuals who own or control an entity ultimately even though legal ownership rests with some other person. These persons may have significant influence over it or hold substantial interest therein as owners. Identifying who qualifies as a beneficial owner is a critical first step in complying with BOI reporting requirements. To be a beneficial owner, one must meet at least one of the following:

  1. Has direct or indirect ownership of 25% or more of the entity’s equity interests
  2. Directly or indirectly exercises significant control over the entity

It should be noted that beneficial ownership can involve complicated ownership structures; therefore entities should conduct thorough assessments of their organizational structure and holdings.

Beneficial Ownership Information Reporting

The BOI (Beneficial Ownership Information) Report is a memo or document that every small and medium-sized business (exemption applicable) has to file with the Financial Crimes Enforcement Network (FinCEN). In Minnesota, any LLC that is eligible to enlist under the reporting company must file the BOI Report within the given period.

It is not only mandatory for all businesses in Minnesota but also can lead to heavy monetary penalties along with imprisonment. There are many reasons why the Corporate Transparency Act was started and BOI Report filing becomes mandatory for all businesses in Minnesota.

BOI Reporting Companies (Entities) in Minnesota

Not every company, located in Minnesota, is required to file BOI reports with FinCEN. Only the eligible companies (Reporting Companies) are liable to file the BOI report. Following are the requirements for BOI reporting,

Entities Required to Report

There are certain entities that are considered “Reporting Companies” as per the Corporate Transparency Act and must report beneficial ownership information. Normally, these include:

Exempted Entities

However, it is important to note that there are certain entities in Minnesota that do not have BOI reporting requirements such as;

corporate-act
  • Sole proprietorships or any business structure that does not require registration under Minnesota SOS.
  • Large entities (more than 20 employees with $5M revenue)
  • Tax-exempt organizations
  • Inactive entities meeting specific criteria
  • Subsidiaries of exempt entities
  • Complex ownership that is not publicly known

For PLLCs, selected types of companies get to file BOI reports. Small PLLCs that do not meet the eligibility of reporting companies are exempted from filing BOIR. Besides, PLLCs that are already under stringent regulatory authority like the medical or law field, might get an exemption too.

List of Entities Exempted from BOI Reporting According to FinCEN

  • Securities reporting issuer
  • Governmental authority
  • Bank
  • Credit union
  • Depository institution holding company
  • Money services business
  • Broker or dealer in securities
  • Securities exchange or clearing agency
  • Other Exchange Act registered entity
  • Investment companies or investment advisers
  • Venture capital fund adviser
  • Insurance company
  • State-licensed insurance producer
  • Commodity Exchange Act registered entity
  • Accounting firm
  • Public utility
  • Financial market utility
  • Pooled investment vehicle
  • Tax-exempt entity
  • Entity assisting a tax-exempt entity
  • Large operating company
  • Subsidiary of certain exempt entities
  • Inactive entity

Entities should review their classification carefully in order to ascertain if they fall under the requirement for reporting or qualify for an exemption. It is recommended to consult an expert before you start filing your BOI Report. Also, not only the above-mentioned sectors but also the size and structure of the business matters when it comes to filing the report. Hence, it is important to consult an expert beforehand.

How to File a BOI Report in Minnesota?

In Minnesota, you can file your BOI report in two ways. The report can be filed online or offline. The process is pretty simple. There is an online and offline (PDF) form available. The reporting company in Minnesota has to fill up the form and submit it within the given time. Here are the steps to file the BOIR in Minnesota

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Online BOI Report Filing in Minnesota

  • Step 1: For online filing, reporting companies in Minnesota are required to visit the FinCEN BOIR e-filing page.
  • Step 2: The first page shows 4 options, Initial Report, Correct Prior Report, Update Prior Report, and Newly Exempt Entity.
  • Step 3: For the fresh filing, select Initial Report and click NEXT.
  • Step 4: On the next page, fill out the form for Reporting Company and ask for FinCEN ID.
  • Step 5: The ‘Company Applicant’ page comes up next. Add the details wherever is required.
  • Step 6: The next page shows the details of the Beneficial Owner(s). Also, mention if there is an exemption.
  • Step 7: Submit the online form after sharing your name and email on the final page.
BOI reporting e-filing

Offline BOI Report Filing in Minnesota

  • Step 1: For offline filing, visit the FinCEN BOI Report filing page
  • Step 2: Download the PDF form from the ‘Prepare BOIR’ option
  • Step 3: The PDF form requires Adobe Reader 8 or higher, make sure you have this version installed on your device.
  • Step 4: Save the form on your device.
  • Step 5: Fill it up with the correct information. Make sure to select the ‘Initial Report’ if you’re filing it afresh. For correction or updating the previous form, select the other options.
  • Step 6: Once filled up, upload the form on the site by clicking on ‘Submit BOIR’.
  • Step 7: On the Submit page, you will have to provide your name and email. Click on the ‘upload document’ section to upload the PDF form and submit it.
BOI offline filing

Reporting Process and Timeline

BOI Reporting effectively becomes mandatory from January 1, 2024, in Minnesota and the rest of the United States. All the LLCs in Minnesota, Corporations, and other types of businesses registered under Minnesota Secretary of State will have to file the report within the given time.

  • Entities in Minnesota incorporated or registered before January 1, 2024, will have to file their BOI report before January 1, 2025.
  • Entities in Minnesota incorporated or registered on or after January 1, 2024, will have to file their BOI report within 90 working days from the date of completion of company registration with Minnesota SOS or similar authority.
  • Entities in Minnesota incorporated or registered on or after January 1, 2025, will have to file their BOI report within 30 working days from the date of completion of company registration with Minnesota SOS or similar authority.

Penalties for Non-Compliance with CTA (BOI Report Filing)

The authority decides to make it more difficult for the companies that fail to comply with the Corporate Transparency Act or BOI report filing. Following are the monetary and other penalties for non-compliance,

  • The Civil Penalty for missing the deadline in Minnesota is $500 a day for the company
  • The Criminal Penalty for not filing the BOI Report in Minnesota is $10,000
  • Continuing violating rules and non-compliance in Minnesota can lead to 2 years imprisonment

The FinCEN makes sure that every reporting company must file the BOI report as soon as they meet the eligibility criteria. The penalty is heavy, especially for small businesses in Minnesota.

BOI Reporting Required Information in Minnesota

The Beneficiary Ownership Information consists of some confidential information about the LLC owners in Minnesota. The compulsory information to be given in respect of each beneficial owner includes:

business requirement
  • Reporting Company legal name
  • Alternative or DBA Name (if any)
  • Tax Identification type
  • Country/Jurisdiction of Formation
  • Address (number, street, and apt. or suite no.)
  • Individual’s Full Legal Name
  • Date of birth
  • Current Address
  • Identifying document (Type, Number, Issuing Jurisdiction, Image)
  • Beneficial Owner Details (Legal Name, FinCEN ID, Address, DOB)

Entitles should confirm that the information given is correct and up-to-date as any inconsistencies or inaccuracies may attract penalties.

Ensuring their BOI reports are accurate and updated is a responsibility that these bodies have. Disputes or concealed information, therefore, need to be attended to quickly and openly as this is essential in compliance maintenance. Should organizations fail to do this, they may invite increased scrutiny with possible penalties imposed against them.

Privacy and Data Security

While the requirements for BOI reporting in Minnesota aim at increasing transparency levels, there are practical challenges faced by entities regarding the identification and disclosure of beneficial ownership information. These may include:

  • Complexity in identifying beneficial ownership for entities with intricate ownership structures or multi-layered holding companies.
  • Difficulties in obtaining accurate and up-to-date information from beneficial owners, particularly where ownership interests are held indirectly or via intermediaries.
  • This places an additional burden on small businesses which will find it hard to deploy enough resources and personnel to deal with compliance matters.

Entities can overcome these hurdles through engagement of professionals’ advice; and having internal mechanisms that strengthen their capacity to communicate with their beneficiaries.

Regulatory and Legal Considerations

In addition to the issues above, entities in Minnesota must also navigate numerous regulatory and legal considerations when reporting BOI. These include:

  • Balancing transparency with legitimate privacy concerns, especially for individuals who may be exposed to personal safety risks or other sensitive situations.
  • Addressing international implications and cross-border ownership structures since BOI reporting requirements can vary across jurisdictions.
  • Compliance with other relevant legislations such as anti-money laundering (AML) laws and know-your-customer (KYC) regulations is necessary as well.

What helps entities address these concerns is consulting the legal fraternity on changes occurring within the regulatory space.

Anticipated Changes and Updates

With time, FinCEN together with other relevant agencies will provide further guidance on complying with these reporting requirements as financial crime evolves. For instance, new changes could affect how they comply with these requirements. Additionally, in the future, there is a possibility of expanding or modifying the reporting requirements to deal with emerging issues or any possible loopholes.

Impact on Businesses and Financial Sector in Minnesota

The introduction of BOI reporting requirements will have profound effects on both corporate entities and the financial sector as a whole. Likely consequences could include:

  • Increased administrative burdens and compliance costs for firms, especially at the early stages of implementation.
  • Enhanced due diligence procedures by financial institutions to verify the accuracy of BOI reports and identify potential red flags.
  • Business practices may change leading to ownership structures that are more flexible to fit into new transparency needs.
  • Entities that have complex ownership arrangements or those operating internationally may face some difficulties.

Nonetheless, in the long run, it can be expected that this law would go towards creating an environment where business is transparent and accountable thus enhancing trust and integrity within the financial system.

Significance of Reporting Beneficial Ownership Information

Reporting BOI is essential for several reasons. We have come up with three main reasons that CTA pointed out for having BOI reporting.

business
  • Preventing Illegal Activities: Identifying true owners helps to combat money laundering, terrorist financing, and other financial crimes in Minnesota since bad actors cannot hide behind complex corporate structures.
  • Enhancing Transparency: It ensures corporate transparency and accountability so that entities cannot operate under cover but are required to reveal who their beneficial owner(s) are.
  • Facilitating Law Enforcement: Accurate data on BOI allows law enforcement authorities to investigate and prosecute fraudulent activities better thus protecting a fair business environment.

Starting an LLC in Minnesota or forming a corporation in Minnesota can be an eyewash of hiding other shady activities or illegal businesses. Companies often create shell companies to money launder. This reporting was started to prevent such activities in Minnesota.

State Specific Data: Minnesota

Capital and Incorporation

  • The capital of Minnesota is Saint Paul.
  • The population of Minnesota: 5,827,265
  • The Annual GDP of Minnesota: 450,743
  • Incorporation in Minnesota can be done through various methods including online and offline. For more details, visit Minnesota Secretary of State.
  • Incorporation Method in Minnesota (Online): Get the online form from Secretary of State, fill it up, and submit. Don’t refresh the page during the process. It will erase everything.
  • Incorporation Method in Minnesota (Offline): Send the form by mail or drop it off in person to Minnesota Secretary of State — Business Services, Retirement Systems of Minnesota Building, 60 Empire Drive, Suite 100, St Paul, MN 55103.

Filing Fees

  • LLC Initial Filing Fee: $155 (online and $135 by mail or in-person)
  • LLC Amendment Fees: $50
  • Annual Fee: $0
  • DBA Filing Fee: $50 for online filing and $30 for offline filing
  • Incorporation Fee: $155 for filing online and in-person, and $135 for filing by mail
  • Registered Agent Change Fee: $55 (online) and $35 (offline)
  • Corporate Amendment Fee: $35.00

Important Offices

  • State Tax Office: Minnesota Department of Revenue
  • State Insurance Office: Minnesota Department of Commerce, Insurance Division
  • Secretary of State Address: Minnesota Secretary of State — Business Services, Retirement Systems of Minnesota Building, 60 Empire Drive, Suite 100, St Paul, MN 55103
  • Department of Treasury: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520​

Key Contacts

  • Form 2335 Mailing Address: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520​
  • Filing Method for DBA: three methods, online, by mail, and in person filing.
  • Filing Fee for DBA: $50 for online filing and $30 for offline filing
  • Online Filing for DBA: For online filing, check the Minnesoota Secreatry of State. There, look for the “Assumed Names” section. You will get the registration form.
  • Offline Filing for DBA: For filing offline, you must send the downloaded PDF form or drop it off in person at the Minnesota Secretary of State – Business Services, Retirement Systems of Minnesota Building, 60 Empire Drive, Suite 100, St Paul, MN 55103

By staying compliant with the BOI reporting requirements and leveraging the resources available in Minnesota, businesses can ensure they meet all regulatory obligations efficiently.

FAQs

How do I file a BOI report in Minnesota?
In Minnesota, to file a Board of Inquiry (BOI) report, you can visit the Minnesota Department of Human Rights website to submit an online complaint form.
Is there a deadline to file a BOI report in Minnesota?
Yes, in Minnesota, there is a statute of limitations for filing a BOI report, so it’s important to file as soon as possible after the incident.
What information do I need to include in a BOI report in Minnesota?
In Minnesota, when filing a BOI report, you will need to provide details about the discrimination or harassment you experienced, as well as any relevant documentation or evidence.
Can I file a BOI report anonymously in Minnesota?
In Minnesota, the laws regarding filing a BOI report do not specify whether reports can be filed anonymously, so it is best to check with the Minnesota Department of Human Rights for guidance on this.
How long does it take for the Minnesota Department of Human Rights to investigate a BOI report?
The timeline for investigating a BOI report in Minnesota can vary depending on the complexity of the case, but the department typically aims to complete investigations within a certain timeframe.
What protections are in place for individuals who file a BOI report in Minnesota?
In Minnesota, individuals who file a BOI report are protected from retaliation under state and federal laws, including the Minnesota Human Rights Act.
Can I file a BOI report in Minnesota if the incident occurred outside of the state?
In Minnesota, you can file a BOI report for incidents that occurred outside of the state if the discrimination or harassment is covered under Minnesota laws.
What steps should I take before filing a BOI report in Minnesota?
Before filing a BOI report in Minnesota, it’s a good idea to gather any documentation or evidence related to the discriminatory behavior, as this can help support your case.
Are there any fees associated with filing a BOI report in Minnesota?
There are no fees to file a BOI report in Minnesota with the Department of Human Rights, as the process is free of charge for individuals seeking to address discrimination.
How can I get help with filing a BOI report in Minnesota?
If you need assistance or have questions about filing a BOI report in Minnesota, you can contact the Minnesota Department of Human Rights for guidance and support.
Can I file a BOI report in Minnesota if I no longer work for the employer?
Yes, in Minnesota, you can still file a BOI report against a former employer if you believe you were discriminated against during your employment.
What are the potential outcomes of filing a BOI report in Minnesota?
If a BOI report in Minnesota results in a finding of discrimination, remedies may include financial compensation, policy changes, or other corrective actions by the employer.
How can I check the status of my BOI report in Minnesota?
In Minnesota, you can inquire about the status of your BOI report by contacting the Department of Human Rights directly and speaking with a staff member assigned to your case.
Can I schedule a meeting with the investigator handling my BOI report in Minnesota?
Yes, in Minnesota, you can often request to meet with the investigator assigned to your BOI report to discuss the details of your case in person.
What should I do if I believe the investigation of my BOI report in Minnesota is taking too long?
If you feel that the investigation of your BOI report in Minnesota is delayed, you can reach out to the Minnesota Department of Human Rights for an update on the progress of your case.
Can I appeal the outcome of my BOI report in Minnesota?
In Minnesota, individuals have the right to appeal the outcome of a BOI report if they believe the findings are incorrect or unfair.
Are there organizations in Minnesota that provide assistance with filing BOI reports?
Yes, there are organizations in Minnesota that offer support and legal guidance to individuals filing BOI reports, such as legal aid clinics and civil rights advocacy groups.
How can I gather evidence to support my BOI report in Minnesota?
To gather evidence for your BOI report in Minnesota, you may keep records of discriminatory actions, emails, text messages, witnesses, or any other relevant documentation.
Can I file a BOI report in Minnesota if the discrimination occurred in a public place?
Yes, in Minnesota, you can file a BOI report if you experienced discrimination in a public place, such as a restaurant, store, or theater.
What are the next steps after filing a BOI report in Minnesota?
After filing a BOI report in Minnesota, you may receive a confirmation and additional information on the investigation process, as well as instructions on how to proceed with your case.
How long does the investigation of a BOI report typically take in Minnesota?
The timeline for investigating a BOI report in Minnesota can vary based on the complexity of the case and the workload of the Department of Human Rights but generally aims to be completed within a specific timeframe.
Can I file a BOI report in Minnesota for discrimination based on sexual orientation?
Yes, in Minnesota, you can file a BOI report for discrimination based on sexual orientation, as this is protected under the Minnesota Human Rights Act.
Can I file a BOI report in Minnesota if the discrimination occurred in a private business?
Yes, in Minnesota, you can file a BOI report if you experienced discrimination in a private business, as long as the behavior violates state anti-discrimination laws.
What should I do if I face retaliation for filing a BOI report in Minnesota?
If you experience retaliation for filing a BOI report in Minnesota, you should immediately contact the Department of Human Rights or a legal advocate for guidance on how to proceed.
Can I meet with a lawyer before filing a BOI report in Minnesota?
Yes, it is recommended to consult with a lawyer before filing a BOI report in Minnesota to understand your rights and options, as well as to ensure your report is thorough and well-documented.
Can I file a BOI report in Minnesota for discrimination in housing?
Yes, in Minnesota, the Minnesota Human Rights Act protects individuals from discrimination in housing, so you can file a BOI report if you believe you have been discriminated against in this context.
What is the difference between filing a BOI report in Minnesota and a lawsuit?
Filing a BOI report in Minnesota initiates an investigation by the Department of Human Rights, while a lawsuit involves taking legal action against the individual or entity responsible for the discrimination.
Can I file a BOI report in Minnesota if the discrimination occurred at an educational institution?
Yes, in Minnesota, you can file a BOI report if you experienced discrimination at an educational institution such as a school or college, as these entities are subject to anti-discrimination laws.
What information do I need to provide when filing a BOI report in Minnesota?
You will need to provide detailed information about the incident or situation you are reporting.
Is filing a BOI report in Minnesota anonymous?
You can choose to file a BOI report in Minnesota anonymously, but providing your contact information can help with follow-up inquiries.
Can I file a BOI report online in Minnesota?
Yes, you can file a BOI report online in Minnesota through the official website of the Minnesota Board of Investigation.
How long does it take to file a BOI report in Minnesota?
The time it takes to file a BOI report in Minnesota may vary depending on the complexity of the situation and the information you need to provide.
What is the purpose of filing a BOI report in Minnesota?
The purpose of filing a BOI report in Minnesota is to report incidents or situations that may involve misconduct or unethical behavior.
Can I file a BOI report in Minnesota on behalf of someone else?
Yes, you can file a BOI report in Minnesota on behalf of someone else if you have witnessed or have information about the incident.
How are BOI reports handled in Minnesota?
BOI reports in Minnesota are handled by trained investigators who will conduct an inquiry into the matter.
Will I receive a notification after filing a BOI report in Minnesota?
Yes, you may receive a notification confirming that your BOI report in Minnesota has been received and is being investigated.
Can I provide supporting documents when filing a BOI report in Minnesota?
Yes, you can provide supporting documents when filing a BOI report in Minnesota to help with the investigation.
What type of incidents should be reported through a BOI report in Minnesota?
Any incidents of misconduct, unethical behavior, or violations of regulations should be reported through a BOI report in Minnesota.
Are BOI reports confidential in Minnesota?
Yes, BOI reports in Minnesota are treated as confidential to protect the identity of the individuals involved.
What happens after a BOI report is filed in Minnesota?
After a BOI report is filed in Minnesota, trained investigators will conduct an inquiry into the matter to determine the appropriate course of action.
Can I follow up on the status of my BOI report in Minnesota?
Yes, you can follow up on the status of your BOI report in Minnesota by contacting the Minnesota Board of Investigation.
Can I file a BOI report in Minnesota if I witness something suspicious but am not sure if it is misconduct?
Yes, it is always better to err on the side of caution and file a BOI report in Minnesota if you witness something suspicious.
Are there any time limits for filing a BOI report in Minnesota after an incident occurs?
It is recommended to file a BOI report in Minnesota as soon as possible after an incident occurs, but there may not be strict time limits.
Will my identity be protected if I file a BOI report in Minnesota?
Yes, your identity will be protected if you choose to file a BOI report in Minnesota anonymously.
Can I file a BOI report in Minnesota if the incident occurred in a different state?
No, you should file a BOI report in the state where the incident occurred, not necessarily in Minnesota.
How do I know if filing a BOI report in Minnesota is the right course of action?
If you have witnessed or have information about misconduct or unethical behavior, filing a BOI report in Minnesota is the appropriate course of action.
Can I retract a BOI report in Minnesota once it has been filed?
It may not be possible to retract a BOI report in Minnesota once it has been filed, but you can contact the Minnesota Board of Investigation for further guidance.
Who can file a BOI report in Minnesota?
Anyone who has witnessed or has information about misconduct or unethical behavior can file a BOI report in Minnesota.
Can I file a BOI report in Minnesota on behalf of a group of individuals?
Yes, you can file a BOI report in Minnesota on behalf of a group of individuals if you have their consent to do so.
What if I am unsure about how to file a BOI report in Minnesota?
You can contact the Minnesota Board of Investigation for guidance on how to file a BOI report in Minnesota.
Is there a specific format for filing a BOI report in Minnesota?
There may be a specific format or guidelines for filing a BOI report in Minnesota, which you can find on the official website of the Minnesota Board of Investigation.
What should I do if I receive threats or retaliation after filing a BOI report in Minnesota?
If you experience threats or retaliation after filing a BOI report in Minnesota, you should contact the appropriate authorities for assistance.
Can I provide information anonymously when filing a BOI report in Minnesota?
You can choose to provide information anonymously when filing a BOI report in Minnesota to protect your identity.
Is there a statute of limitations for filing a BOI report in Minnesota?
It is recommended to file a BOI report in Minnesota as soon as possible after the incident occurs to ensure timely investigation and action.

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In Conclusion

In the world of business, conducting illicit monetary transactions is not a new thing. To prevent that the Corporate Transparency Act came into the picture. Businesses in Minnesota, especially, small and medium businesses must file the Business Ownership Information Report to combat growing financial crimes. In Minnesota, the companies must understand the obligations to comply with the rules.

In Minnesota, before you start filing the BOI Report, there are a few important points to note. Important points worth noting are:

  • Identifying beneficial owners from their control or ownership interests over the entity.
  • Reporting accurate information at all times including names, dates of birth, addresses, and identification details about beneficiaries.
  • Timely filing of the initial reports and updating the reports in case of changes.
  • When required, involve reputable third-party service providers to assist in the filing process.
  • Ensure compliance with relevant penalties for non –compliance.
  • Deal with practical challenges and legal issues related to BOI reporting.
  • Keep abreast of future developments and advice from relevant bodies.

Filing the BOI Report does not require complicated steps, however, it definitely requires an expert to proceed. We recommend TailorBrands, one of the best LLC formation services that not only offers free LLC formation but also offers BOI Reporting at a very reasonable cost.

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